The bill amends the existing law governing the state building authority, specifically addressing the issuance of revenue obligations. It introduces provisions that clarify the authority's ability to issue various forms of revenue obligations, such as revenue bonds and notes, and specifies that these obligations are not general obligations of the state, being payable solely from true rental and other designated revenues. Each revenue obligation must include a statement indicating its non-general obligation status. Additionally, the bill establishes a cap on the total outstanding obligations of the authority at $2.7 billion, while excluding certain amounts related to interest payments, reserves, and costs of issuance from this limit.

Moreover, the bill details the authority's ability to manage revenue obligations, including a provision for $421,300,000.00 of advance refunding as part of the 2025 revenue and refunding bonds. It allows the authority to apply and pledge unpledged revenues from facilities to cover obligations and establish a separate fund for these revenues, subject to approval from the state administrative board and relevant institutions. The bill also outlines conditions for issuing obligations that appreciate in principal amount, clarifying that such appreciation is treated as interest and must comply with interest rate limitations. Bonds and notes issued under this act are exempt from the revised municipal finance act but are subject to the agency financing reporting act.

Statutes affected:
Substitute (S-1): 830.418
Senate Introduced Bill: 830.418
As Passed by the Senate: 830.418